Diversity, Equity & Inclusion (DEI) has become increasingly important in the workplace today. Everyone needs to feel comfortable at work and know that they are supported in their careers. Having a diverse workforce strengthens the company and its culture and ensures that all employees feel safe and included within their teams.
As you work towards incorporating DEI in your organization, here are some tips and information to help get you started.
Companies are changing the landscape with DEI programs
Formal programs to boost DEI in the corporate world have become important for employers and employees. As social justice issues have come to the forefront, companies are ramping up their focus on DEI efforts to help ensure employees are supported and feel genuinely valued at work. These efforts are proven to drive better business outcomes as well.
Employees Want Diversity Programs
Individuals want to be a part of a diverse workforce where they know that their ideas will be valued and embraced. Feeling supported, valued, and heard by peers and leaders creates a more engaged and productive workforce. In today’s hiring landscape, diversity programs are expected by employees and candidates.
- 67% of job seekers consider workplace diversity a crucial factor when looking at employment opportunities (Glassdoor).
- 61% of employees believe diversity and inclusion strategies are beneficial and essential (Quantum Workplace)
Diversity Programs Build a Strong Company Culture and a Robust Bottom Line
Diversity programs build a stronger culture, boost company morale, help attract candidates and retain employees, and lead to more innovation – and they’re also good for the bottom line. A study by the Wall Street Journal found that the 20 most diverse S&P 500 firms financially outperformed the index’s non-diverse firms over both five- and 10-year periods (HR Dive).
- Inclusive companies are more likely to hit their financial target goals by up to 120% (whattobecome)
- Inclusive teams make better business decisions up to 87% of the time (Forbes)
Benefits of a diverse and inclusive workplace
Diversifying the workplace can boost morale and increase productivity as employees feel motivated to strive for success. Some of the benefits that come out of a more diverse and inclusive workplace include:
- Higher revenue growth
- Greater readiness to innovate
- Increased ability to recruit a diverse talent pool
- 5.4 times higher employee retention
How can you start?
Figuring out where to begin with incorporating more DEI initiatives into the workplace can be challenging. To get the ball rolling, consider these initial steps:
- Have open meetings and conversations about DEI efforts and goals.
- CEOs and top management should take a public stance on their approach to DEI efforts and what it means for the company culture.
- Identify any pay gaps and work on rectifying pay gaps in the future.
- Focus on recruitment and retention policies that include representation at all levels.
- Work on philanthropic causes that align with DEI efforts and company culture.
Make sure to always be transparent and encourage open and honest conversations among team members. Mistakes might happen along the way, but the key is to learn from them and work on how you can improve education and training among your employees.
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